SANTA FE, N.M.–(BUSINESS WIRE)–A $500,000 Affordable Housing Program (AHP) grant from Los Alamos National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund a $15 million renovation project at Villa Hermosa, a 116-unit apartment community for senior citizens. The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a community-based organization that is spearheading the project.
$500K to help fund renovations at Villa Hermosa in Santa Fe, thanks to @FHLBDallas and @LANBtweets.
The renovation project will include new interconnected walking paths, as well as a new community center building with kitchen and laundry facilities for exclusive resident use.
According to SFCHA Executive Director Ed Romero, the renovations to the building will enhance the residents’ quality of life.
“Thanks in part to the grant, the residents are going to enjoy some nice upgrades,” said Mr. Romero. “We’re grateful to our bank partners for helping us secure this grant.”
Built in 1973, Villa Hermosa is comprised of six courtyard buildings containing 59 one-bedroom and 57 two-bedroom units. The project will be constructed in accordance with Leadership in Energy and Environmental Design (LEED) green building standards and will also feature a rooftop photovoltaic system, which will use the sun to generate some of the building’s energy.
Rehabilitation will begin this month and will be completed in summer 2018. Residents will be temporarily relocated to neighboring vacant units on site during construction.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Los Alamos National Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“Los Alamos National Bank is committed to our customers and projects that foster a better quality of life,” said Dion Silva, Los Alamos National Bank Santa Fe market president. “The AHP allows us to help our senior neighbors live more comfortably.”
This grant is one of three AHP grants awarded to SFCHA. Last year, the organization was awarded a $500,000 AHP grant for Pasa Tiempo, another apartment community for seniors, as well as Village in the Bosque in nearby Bernalillo.
According to the U.S. Census Bureau, there are approximately 148,000 people living in Santa Fe, New Mexico, today. More than 20 percent of those residents are senior citizens.
“The AHP is a conduit for strengthening communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The AHP grant provides gap funding for projects that benefit residents, the community and our members.”
Mr. Romero said that without the grant, SFCHA would have had to delay or cancel other projects.
“We feel incredibly fortunate to be able to provide these amenities to our residents,” said Mr. Romero. “It’s nice to be able to give the green light to projects that are going to make so many people happy.”
About Los Alamos National Bank
Los Alamos National Bank (LANB) was established in June 1963 by a group of local investors who saw the need for a convenient, full-service community bank. Now one of the largest and strongest banks in the state, LANB continues to be locally owned and operated by Trinity Capital Corporation, a one-bank holding company. LANB is proud to be a part of sustainable development in northern New Mexico. It is invested in the economic, social and environmental sustainability of the communities it serves. For more information please visit lanb.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.